IDB Invest, together with other entities, will finance Agrícola Cerro Prieto S.A., one of the most important agro-exporters in Peru. IDB Invest and BBVA will each provide $50 million and Interbank will provide another $60 million.

The transaction will strengthen Agrícola Cerro Prieto’s sustainability strategy and support the expansion of its production in Peru and boost the company’s internationalisation in Colombia. It will also enable improvements in production efficiencies, with significant yield increases, including an increase in avocado production by almost 500 hectares and more than 1,000 hectares of blueberries in Peru. In addition, it will boost its production increase to more than 1,500 hectares of avocado in Colombia, supporting the Eje Cafetero area, Manizales.

The financing grants a term of up to 10 years with a 2-year grace period, in line with the needs of the productive cycle of the crops. In addition, IDB Invest will advise Agrícola Cerro Prieto in the adoption of climate-smart agriculture measures to reduce its carbon footprint, increase climate resilience and increase resource efficiency. An Environmental and Social Action Plan will also be implemented, highlighting measures to improve the sustainability of Agrícola Cerro Prieto’s business.